The GetLine network is a peer-to-peer lending platform that is built on the Ethereum blockchain. By leveraging distributed ledger technology, the objective of this project is to disrupt the lending sector, which is currently valued at a whopping $1 trillion. Therefore, transactions will be processed instantly thanks to the direct connection between lenders and borrowers. Moreover, the platform will rely on an advanced credit risk prediction mechanism, making the entire lending process safer and accessible to lenders and borrowers respectively.
Currently, P2P lending platforms are forced to impose exorbitant interest rates to sustain their business. As a result, clients shy off, meaning that that the lenders suffer from losses. Additionally, the absence of a dependable means of establishing the creditworthiness of borrowers makes it hard to reach clients.
About The Getline Objectives
As mentioned earlier, GetLine intends to transform the lending industry by integrating blockchain technology, so as to make transactions secure, eliminate intermediaries and promote peer-to-peer lending. GetLine aims to achieve these goals through:
- Cryptocurrencies: unlike fiat money, digital currencies transcend international borders with relative ease, a factor that aids in upward scaling of the lending market.
- Smart contracts: aside from eliminating intermediaries, these contracts reinforce the security of lending transactions. Typically, block networks are robust and transparent.
In line with the project’s objectives, GetLine will develop the GetLine Network, a powerful lending platform that will make loans available to populations that were previously unbanked or underserved due to their social status.
The GetLine Network
Smart Contract Layer
Essentially, this is the protocol that will govern the entire lending process. As is customary with Ethereum smart contracts, it will temporarily hold the funds and release them once certain requirements are met.
Attesters Of Risk Analysis (ARA)
Primarily, the ARA will assess the borrowers using the credit scoring system and either grant or decline the loan request. Using the data sourced from this analysis, they will then generate a prediction systems. Furthermore, the ARA will also serve as compliance agents, making sure that all parties abide by the rules as defined in the lending contracts.
For returning borrowers, the GetLine network will generate a report based on their previous ARA credit score to determine their trustworthiness. The resultant score is known as the metascore, and is often used by lenders in ascertaining the loan limit of individual borrowers.
Using this feature, prospective borrowers can establish their loan limits, as well as request loans. Notably, the browser will not available at launch.
The GET Token
The GET Token is en ERC20 compliant utility that cats as the principal means of exchange in the GetLine ecosystem. The date is yet to be announced but the soft and hard caps have been set at $3 million and $12 million respectively.
GetLine will produce a fixed number of GET tokens, amounting to a total of 100,000,000 tokens. The token s will be distributed as per the following criteria:
- 50% will be sold in the crowdsale
- 10% will go the project team
- 4% will go to the founder, Kacper Wikiel
- 6% will be allocated to early contributors and advisors
- 20% – will go the reserves
- 10% will go toe the early investors